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The UCP 600 Rules In Letter Of Credit (LC): Selected Issues

The Uniform Customs and Practice (UCP) is the primary source for letter of credit (LC) transaction. Prior to the publication of the UCP, the rules in LC originating from trade customs and practices were not unanimously applied by traders. The International Chamber of Commerce (ICC) whose function is...

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Main Author: Che Hasyim, Rosmawani
Format: Article
Language:English
Published: Universiti Utara Malaysia Press 2016
Subjects:
KZ Law of Nations
Online Access:http://repo.uum.edu.my/25136/1/UUMJLS%207%2C%20107-118%20%282016%29.pdf
http://repo.uum.edu.my/25136/
http://www.uumjls.uum.edu.my/index.php/previous-issues/154-uum-journal-of-legal-studies-jls-vol-7-2016#j6
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spelling my.uum.repo.251362018-11-11T02:43:18Z http://repo.uum.edu.my/25136/ The UCP 600 Rules In Letter Of Credit (LC): Selected Issues Che Hasyim, Rosmawani KZ Law of Nations The Uniform Customs and Practice (UCP) is the primary source for letter of credit (LC) transaction. Prior to the publication of the UCP, the rules in LC originating from trade customs and practices were not unanimously applied by traders. The International Chamber of Commerce (ICC) whose function is to harmonize the various trade customs practiced in LC, had initiated to compile those rules and published them under one specific reference and named it as the UCP. The UCP is always been updated in order to serve current market needs in regards to LC issues. Thus far, there is no specific statute regulated for LC. The UCP, though customary in nature and has no legal effect, has been adopted by more than 175 countries. Currently, it is unlikely to find the LC transactions, which is not governed by the UCP. Compared to the previous versions, the latest version of the UCP 600 is claimed to be comprehensive and offers modification to the preceding LC rules. This paper discusses the rules provided by the latest UCP 600 focusing on the significant issues in LC such as bankers’ autonomy, revocable and irrevocable LC, strict compliance, notice of refusal and fraud. Comparisons are scrutinized with the previous versions of the UCP and reviews are highlighted wherever necessary. In addition, reference is sought to case-law to illustrate certain issues. Furthermore, this paper examines the improvements contributed by these latest rules. Last but not least, it seeks to submit proposals for future improvement of the current UCP 600. Universiti Utara Malaysia Press 2016 Article PeerReviewed application/pdf en http://repo.uum.edu.my/25136/1/UUMJLS%207%2C%20107-118%20%282016%29.pdf Che Hasyim, Rosmawani (2016) The UCP 600 Rules In Letter Of Credit (LC): Selected Issues. UUM Journal of Legal Studies (UUM JLS), 7. pp. 107-118. ISSN 2229-984 X http://www.uumjls.uum.edu.my/index.php/previous-issues/154-uum-journal-of-legal-studies-jls-vol-7-2016#j6
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic KZ Law of Nations
spellingShingle KZ Law of Nations
Che Hasyim, Rosmawani
The UCP 600 Rules In Letter Of Credit (LC): Selected Issues
description The Uniform Customs and Practice (UCP) is the primary source for letter of credit (LC) transaction. Prior to the publication of the UCP, the rules in LC originating from trade customs and practices were not unanimously applied by traders. The International Chamber of Commerce (ICC) whose function is to harmonize the various trade customs practiced in LC, had initiated to compile those rules and published them under one specific reference and named it as the UCP. The UCP is always been updated in order to serve current market needs in regards to LC issues. Thus far, there is no specific statute regulated for LC. The UCP, though customary in nature and has no legal effect, has been adopted by more than 175 countries. Currently, it is unlikely to find the LC transactions, which is not governed by the UCP. Compared to the previous versions, the latest version of the UCP 600 is claimed to be comprehensive and offers modification to the preceding LC rules. This paper discusses the rules provided by the latest UCP 600 focusing on the significant issues in LC such as bankers’ autonomy, revocable and irrevocable LC, strict compliance, notice of refusal and fraud. Comparisons are scrutinized with the previous versions of the UCP and reviews are highlighted wherever necessary. In addition, reference is sought to case-law to illustrate certain issues. Furthermore, this paper examines the improvements contributed by these latest rules. Last but not least, it seeks to submit proposals for future improvement of the current UCP 600.
format Article
author Che Hasyim, Rosmawani
author_facet Che Hasyim, Rosmawani
author_sort Che Hasyim, Rosmawani
title The UCP 600 Rules In Letter Of Credit (LC): Selected Issues
title_short The UCP 600 Rules In Letter Of Credit (LC): Selected Issues
title_full The UCP 600 Rules In Letter Of Credit (LC): Selected Issues
title_fullStr The UCP 600 Rules In Letter Of Credit (LC): Selected Issues
title_full_unstemmed The UCP 600 Rules In Letter Of Credit (LC): Selected Issues
title_sort ucp 600 rules in letter of credit (lc): selected issues
publisher Universiti Utara Malaysia Press
publishDate 2016
url http://repo.uum.edu.my/25136/1/UUMJLS%207%2C%20107-118%20%282016%29.pdf
http://repo.uum.edu.my/25136/
http://www.uumjls.uum.edu.my/index.php/previous-issues/154-uum-journal-of-legal-studies-jls-vol-7-2016#j6
_version_ 1644284237209141248
score 13.211869

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